Monthly Archives: September 2016

Geoff Miller of Finance for Guernsey was the guest speaker at the CGi business forum on Wednesday evening at Les Cotils.

Geoff outlined his plans for a Guernsey-owned and run high-street bank to an audience of CGi members and new and re-elected States’ Deputies.

He said the results of an on-line survey currently being undertaken would determine whether or not the new venture would be viable, but the initial responses from both individuals and companies were very positive.

Geoff explained that more than £100million in finance is required in order to start the new bank, which would offer secured lending, i.e. mortgages and asset–based finance. Its aim is to make it easier than at present for home buyers and small businesses to secure capital and investors would see a reasonable return.

He estimated that in mortgages alone, £50-60 million each year is being refused locally due to draconian compliance rules and regulations.

The meeting format then switched to an open forum, at which Larry Granger quizzed Deputies with questions posed by members r a number of topics of interest. These included the possibility of an Open Skies licensing regime, the need for extending Guernsey’s Airport runway, whether there was room for a second sea operator between the islands and the newly announced health agreement with the UK.

The CGi has rescheduled its business forum, originally pencilled in for July, to Wednesday 14th September at Les Cotils.

This provides an opportunity for CGi firms, members of the new States assembly, and senior civil servants to discuss topics that are important not only for us as a federation, but also for Guernsey in general.

Geoff Miller, the CEO of Finance for Guernsey, has also kindly agreed to join us and outline his plans for setting up a local high street bank that will offer a range of services ‘over the counter.’

The CGi strongly supports the future generation of entrepreneurs and works in partnership with a number of agencies to promote business in the Island. We are also keen to engage and continue to develop a proactive dialogue with the States.

The forum, whilst informal, is likely to be lively and productive, and takes place from 5:30pm through to 7:00pm, with light refreshments served.